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    Gibraltar Economy 2000

      Economy - overview: Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. The British military presence has been sharply reduced and now contributes about 11% to the local economy. The financial sector accounts for 20% of GDP; tourism (almost 6 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. In recent years, Gibraltar has seen major structural change from a public to a private sector economy, but changes in government spending still have a major impact on the level of employment.

      GDP: purchasing power parity - $500 million (1997 est.)

      GDP - real growth rate: NA%

      GDP - per capita: purchasing power parity - $17,500 (1997 est.)

      GDP - composition by sector:
      agriculture: NA%
      industry: NA%
      services: NA%

      Population below poverty line: NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices): 1.5% (1998)

      Labor force: 14,800 (including non-Gibraltar laborers)

      Labor force - by occupation: services 60%, industry 40%, agriculture NEGL%

      Unemployment rate: 13.5% (1996)

      Budget:
      revenues: $119.3 million
      expenditures: $122.1 million, including capital expenditures of $NA (FY96/97)

      Industries: tourism, banking and finance, ship-building and repairing; support to large UK naval and air bases; tobacco, mineral water, beer, canned fish

      Industrial production growth rate: NA%

      Electricity - production: 90 million kWh (1998)

      Electricity - production by source:
      fossil fuel: 100%
      hydro: 0%
      nuclear: 0%
      other: 0% (1998)

      Electricity - consumption: 84 million kWh (1998)

      Electricity - exports: 0 kWh (1998)

      Electricity - imports: 0 kWh (1998)

      Agriculture - products: none

      Exports: $81.1 million (f.o.b., 1997)

      Exports - commodities: (principally reexports) petroleum 51%, manufactured goods 41%, other 8%

      Exports - partners: UK, Morocco, Portugal, Netherlands, Spain, US, Germany

      Imports: $492 million (c.i.f., 1997)

      Imports - commodities: fuels, manufactured goods, and foodstuffs

      Imports - partners: UK, Spain, Japan, Netherlands

      Debt - external: $NA

      Economic aid - recipient: $NA

      Currency: 1 Gibraltar pound = 100 pence

      Exchange rates: Gibraltar pounds per US$1 - 0.6092 (January 2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995); note - the Gibraltar pound is at par with the British pound

      Fiscal year: 1 July - 30 June

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